Page 69 - Electric Vehicles

EVRE aims to capture 35% of commercial vehicle charging market by 2025

EVRE has set the target to secure a total of Rs 160 crore in equity by the end of 2024 to support its expansion plans

Trade department backs lower tax on hybrid vehicles in green push

India's combined sales and additional taxes on hybrid vehicles sales are as high as 43%, based on the size of the car, compared with the highest rate of 50% imposed on petrol and diesel cars

Axis Bank gives Rs 1 bn loan to Everest Fleet for 4 years to purchase EVs

Everest Fleet is one of the largest independent fleet management providers in the country. This transaction will support the fleet to accelerate the use of electric vehicles

Tesla launches restyled Model 3 in North America at unchanged prices

The move will refresh Tesla's aging vehicle line-up in its biggest market and follows a price war last year that helped the company meet its annual deliveries goal at the cost of margins

Hydrogen energy makes a comeback in vehicle conversation at CES 2024

While electric vehicles are gaining the lion's share of the attention for carbon-neutral technology at CES 2024, hydrogen energy has snuck its way back into the conversation thanks to two automotive giants. Hyundai spotlighted its plans for utilizing hydrogen energy at the sprawling tech and gadget show in Las Vegas. Beyond making vehicles powered by hydrogen-powered fuel cells, the South Korean automaker signaled that it could work toward aiding a hydrogen society by expanding into energy production, storage and transportation. It's already technologically feasible, and it will eventually make sense economically, too, Jos Muoz, president and global chief operating officer of Hyundai Motor Co., predicted Monday. Meanwhile, automotive supplier Bosch Mobility plans to launch its first hydrogen combustion engine this year another key step toward reducing global man-made carbon emissions, the company said during its CES 2024 event. Both Bosch and Hyundai say they've been encouraged to

Hero MotoCorp stake in electric scooter firm Ather Energy capped at 40%

Nikhil Kamath, founder of online stock trading platform Zerodha, who has also taken a stake in Ather, is believed to be willing to bet more in the company. But existing investors are not selling right

Renault plans 5 new cars in next 3 years, seeks regulatory clarity

Renault is planning to launch a total of five cars -- including B plus segment sport utility vehicle (SUV), a C segment SUV and an electric vehicle (EV) -- in India in the next three years

Electric vehicle sales jumps 49% to 1.52 million units in 2023: Fada

Electric vehicle sales in India jumped 49.25 per cent year-on-year to 15,29,947 units in 2023, according to a data released by the Federation of Automobile Dealers' Association (FADA) on Tuesday. The EV industry had recorded a total sales of 10,25,063 units in 2022, as per the data. The two-wheeler sales grew 36.09 per cent to 8,59,376 units in the just-concluded year against 6,31,464 units in 2022, it said. The e-three-wheeler sales volumes surged 65.23 per cent year-on-year to 5,82,793 units from 3,52,710 units sold in 2022. E-commercial vehicles sales rose 114.16 per cent year-on-year to 5,673 units in 2023 compared to 2,649 vehicles in the preceding year. Electric passenger vehicle sales grew 114.71 per cent to 82,105 units last year against 38,240 vehicles in 2022, as per the FADA data.

India, UK next round of talks for proposed free trade agreement from Wed

The next round of talks for the proposed Free Trade Agreement (FTA) between India and the UK will start here from Wednesday to resolve remaining issues and conclude the negotiations, an official said. The 13th round of negotiations for the proposed pact was held between September 18 and December 15. "The UK and India will continue to negotiate towards a comprehensive and ambitious FTA. The 14th round of negotiations will take place here from Wednesday," the official said. These negotiations would focus on complex issues in the areas of goods, services, and investment. Issues that are pending include duty cuts on electric vehicles, whiskey, and the movement of professionals. Talks are also progressing on the proposed Bilateral Investment Treaty (BIT). India and the UK launched the talks for an FTA in January 2022 with a view to boost economic ties between the two nations. There are 26 chapters in the agreement, which include goods, services, investments and intellectual property

China wants its massive EV fleet to plug in and charge the power grid

China plans to lean further into vehicle-to-grid tech.

Nvidia expands reach in China's EV sector despite tighter US export rules

Chinese automakers Li Auto, Great Wall Motor , Zeekr and the new EV unit of Chinese telecommunications company Xiaomi will use Nvidia's DRIVE technology to power automated driving

Global electric vehicle market growth to slow this year on lower subsidies

The figure follows an estimated growth of 29% in 2023 at 13.7 million units, when government incentives helped the adoption of EVs, Canalys said in its report

VinFast's India entry: Tamil Nadu plant may start EV production by 2026

The money for the plant will come from the planned optimisation of its capital expenditure in 2024 and 2025, which will help save over $400 million of cash

VinFast signs deal for Rs 16,000 crore integrated EV facility in Tamil Nadu

The unit in Thoothukudi to have an annual capacity of 150,000 units

VinFast to come up with $2 bn integrated EV facility in Tamil Nadu

The unit in Thoothukudi to have an annual capacity of 150,000 units

VinFast to set up its first EV manufacturing unit worth $500 mn in India

Construction on the project's EV and battery manufacturing plants is expected to start this year and generate 3,000 to 3,500 jobs locally, the statement said

Tata Motors introduces first pure EV architecture called 'acti.ev'

"Punch.ev will be the first product based on this pure electric architecture, which will spawn a variety of products with multiple body styles and sizes," the company's statement noted

Electric vehicle penetration likely to fall short of govt's 2030 plan

Subsidy reduction has hit industry's estimate of 1.2 mn E2W sales in FY24

UK looks for greater share in India auto sector under FTA: Official

Countries which are negotiating free trade agreements (FTAs) with India, including the UK, want a greater share in the country's fast-growing automobile sector, Commerce Secretary Sunil Barthwal said on Friday. He said that India has come to the centre stage of auto manufacturing not only in assembling but also in the whole value chain. The industry has strengthened itself in all areas, including making auto grade steel, components and tyres, besides exporting these goods, he said. The auto sector is now being shifting from conventional ICE (internal combustion engines) to Electric Vehicle (EV) battery-based systems. "When we look at our present strength and the future potential in India, I think it is going to be huge. "In fact when we are doing our FTAs, I remember that country after country, they are focusing on how they can get a pie out of the Indian automobile sector and when we are negotiating FTA with the UK...saying that this much of market share should be available to th

'EV sales in India to grow at 35%, annual volumes may cross 27 mn by 2032'

Electric Vehicle (EV) sales in India is expected to grow at a Compound Annual Growth Rate (CAGR) of 35 per cent with annual volumes likely to touch 27.2 million units by 2032, a report said on Friday. The report, 'India Electric Vehicle Market Overview 2023', by energy advisory, software and services firm, Customized Energy Solutions, also predicts a record-breaking sale of 1.7 million units in 2023. EV sale in India is projected to touch about 27.2 million units by 2032 and with a CAGR of 35 per cent from 2023-2032 under business-as-usual conditions, according to the report. The driving force behind this is a confluence of factors, including the availability of the FAME-II subsidy, which has proven to be a catalyst, with a substantial budget allocation of USD 1.2 billion assigned to subsidise various EV segments, it said. The central government's commitment to fostering an indigenous EV ecosystem is evident in the approval of a USD 3.5-billion Production-Linked Incentive (PLI) sch